The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities? MCQ with Answer and Explanation

The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?
A. Medicines
B. Petroleum and diesel
C. Cereals, pulses, oilseeds, edible oils and onion
D. Fertilizers
Answer: Option C
Solution (By JKSSB Mock Tests)
The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.

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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' on real estate under-construction commercial property is:
A. 12%
B. 5%
C. 28%
D. 18%

Correct Answer: Option A


Explanation:
Commercial under-construction property attracts 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Sudden Stop' in international finance refers to:
A. Only a stop in domestic investment
B. Only a stop in trade flows
C. A gradual reduction in capital flows
D. An abrupt reversal of capital inflows into a country

Correct Answer: Option D


Explanation:
A sudden stop is a large and abrupt reversal of capital inflows, often associated with currency crises, output collapses and balance-sheet problems in emerging markets.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a type of inflation based on cause?
A. Built-in inflation
B. Demand-pull inflation
C. Creeping inflation
D. Cost-push inflation

Correct Answer: Option C


Explanation:
Creeping inflation is classified on the basis of speed/intensity. Demand-pull, cost-push and built-in (wage-price spiral) are classifications based on causes.

This question belongs to: Economy GK Economy Set 1